So Much For The “Low Inventory Is Hurting Sales” Narrative

For the last six months we’ve had to listen to Wall St. analysts and homebuilder industry pimps like Larry Yun of the National Association of Realtors feed us the fiction that housing sales have been slow due to bad weather and low inventory.

Well the weather is fine now and Redfin – the online national real estate brokerage fjrm just published this: Home Listings Hit 4-Year High in May, But Demand Didn’t Keep Pace

Home listings were up 9.1% in May – the highest number of listings in 4 years but homes sales were down 10%. You can read the full report here: Higher Inventory, Lower Sales

So much for the National Association of Realtors’ best imitation of J.R. Tolkien…

The truth is, the economy went negative in Q1 and will prove to have gone even more negative in Q2, led by housing, auto and retail sales decline…